Newmont Corporation $NEM Shares Sold by Generate Investment Management Ltd

Generate Investment Management Ltd lowered its position in shares of Newmont Corporation (NYSE:NEM) by 53.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 200,000 shares of the basic materials company’s stock after selling 228,975 shares during the period. Newmont accounts for 1.1% of Generate Investment Management Ltd’s investment portfolio, making the stock its 23rd largest position. Generate Investment Management Ltd’s holdings in Newmont were worth $21,650,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Newmont by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock valued at $13,390,613,000 after purchasing an additional 637,996 shares in the last quarter. State Street Corp grew its stake in shares of Newmont by 1.0% in the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock worth $4,988,491,000 after purchasing an additional 480,223 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Newmont by 23.4% in the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after purchasing an additional 5,643,496 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Newmont by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock worth $2,738,756,000 after purchasing an additional 946,824 shares in the last quarter. Finally, Norges Bank acquired a new stake in Newmont during the fourth quarter valued at approximately $1,443,128,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Performance

Newmont stock opened at $101.78 on Tuesday. Newmont Corporation has a fifty-two week low of $55.37 and a fifty-two week high of $134.88. The firm’s 50 day simple moving average is $109.68 and its 200-day simple moving average is $110.77. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The company has a market cap of $108.65 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 1.72 and a beta of 0.42.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter in the prior year, the firm earned $1.25 EPS. The firm’s quarterly revenue was up 45.8% on a year-over-year basis. As a group, equities research analysts predict that Newmont Corporation will post 9.91 EPS for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th were issued a $0.26 dividend. The ex-dividend date was Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont’s dividend payout ratio is presently 13.49%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NEM. Citigroup raised their target price on shares of Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. The Goldman Sachs Group dropped their price target on Newmont from $125.10 to $122.50 and set a “buy” rating on the stock in a report on Thursday, June 4th. TD Securities reiterated a “hold” rating and set a $129.00 price objective on shares of Newmont in a research report on Monday, April 27th. TD Cowen reissued a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Finally, Barclays assumed coverage on Newmont in a report on Thursday, May 21st. They issued an “overweight” rating and a $133.00 target price on the stock. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $140.98.

Insiders Place Their Bets

In other news, insider David John Thornton sold 2,296 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the sale, the insider owned 23,163 shares of the company’s stock, valued at $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. This represents a 16.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 28,556 shares of company stock worth $3,120,276. 0.06% of the stock is currently owned by corporate insiders.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.